Q1 2020 Suburban Maryland Market Report

Suburban Maryland’s office fundamentals were relatively strong in Q1 2020, led by occupancy expansion in all three counties. While conditions modestly tightened through February, the rapid development of the coronavirus (COVID-19) dramatically changed the region’s economic outlook. COVID-19’s long term impact on the economy and real estate markets are uncertain, however it will undoubtedly cause near term slowdowns. Given mandated social distancing measures, business closures, and suspensions of large gatherings, business activity will grind to a halt in Q2. Although COVID-19 will likely be the most influential economic event of 2020, this report will primarily focus on the market activities of Q1 preceding COVID-19.